Multi-step Income Statements The adjusted trial balance of Crane Distributors on December 31, 2013 is shown below. CRANE DISTRIBUTORS Adjusted Trial Balance December 31, 2013 Debit Credit Cash $50,160 Accounts Receivable 363,660 Inventory 277,200 Prepaid Insurance 7,920 Supplies 21,120 Delivery Equipment 264,000 Accumulated Depreciation $115,500 Accounts Payable 231,000 Common Stock 330,000 Retained Earnings 138,600 Sales Revenue 2,593,140 Cost of Goods Sold 1,694,220 Salaries Expense 389,400 Rent Expense 132,000 Supplies Expense 27,720 Utilities Expense 13,200 Depreciation Expense 52,800 Insurance Expense 15,840 Income Tax Expense 99,000 Totals $3,408,240 $3,408,240 Prepare a multi-step income statement for the year ended December 31, 2013. Combine all the operating expenses into one line on the income statement for selling, general and administrative expenses. Note: Do not use negative signs with your answers. CRANE DISTRIBUTORS Income Statement For the Year Ended December 31 Gross profit on sales Operating expenses Income before income taxes Net Income = $ $ Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Cost of Goods Sold Delivery Equipment Income Tax Expense Inventory Prepaid Insurance Retained Earnings Sales Revenue Selling, General and Administrative Expenses Supplies